Data availability posing challenges to authority’s functions: Official

DATA availability is one of the challenges for the Internal Revenue Commission (IRC) with regards to verifying collection of tax revenue from the mining industry, assistant commissioner Sam Loi says.
Loi said this on Friday during the launch of the mining audit programmes and mine closure and rehabilitation plan in Port Moresby.
The Government through ministries of Mining and Treasury had endorsed its participation in a three-year base erosion and profit shifting (BEPS) technical assistance programme funded by the Intergovernmental Forum (IGF) and Organisation for Economic Co-operation and Development (DECD).
The programme also involved participation from IRC and Mineral Resources Authority (MRA) with other relevant government departments and organisations.
“Data has been one of the key challenges for us (IRC) and having this collaboration we have between IRC and MRA, there is significant data already there,” he said.
“We can start on some baselines and move into other key economic agencies.
This is a significant sector (mining) in the country.
“But as agencies, if we put checks and balances in place, it gives credibility to this sector and contribution that it makes.
“As a country, we need to show some tangible results.”
Friday’s event was the culmination of a week of meetings from Dec 16-20, on BEPS by mining companies in developing countries. BEPS referred to corporate tax planning strategies used by multinationals to “shift” profits from higher tax jurisdictions to lower tax jurisdictions, thus “eroding” the “tax base” of the higher tax jurisdictions.
The one-week programme was co-delivered by IGF on mining, minerals, metals and sustainable development, and OECD.